Q3 2026 Operational and Financial Results
Summary by AI BETAClose X
Reykjavík, Nov. 12, 2026 (GLOBE NEWSWIRE) --
("Amaroq" or the "Company")
Q3 2026 Operational and Financial Results
Gold production on track for full year guidance
12 November 2026 – Amaroq Ltd. (LSE and Nasdaq Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce its Q3 2026 financial and operational results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
A remote presentation for analysts and investors will be held later today at 0900 GMT, details of which can be found further down in this announcement.
Eldur Olafsson, CEO of Amaroq, commented:
“I am pleased to announce another strong period for Amaroq, with gold production in line with expectations and another robust quarter of net profit and cashflow generation. This very much follows the trend we have witnessed in 2026, with operations continuing to ramp up according to plan, supported by the favourable gold price environment, with processed grades running ahead of expectations, at almost 24 g/t in Q3 2026. The strong operating performance has been coupled with a busy and successful exploration programme over the summer, in which we have drilled over 6,000 m, across the portfolio, including high impact scout drilling on our pure play exploration portfolio, as well as multiple channel sampling programmes.
“Since the period end, we have also had a busy time; joining the FTSE 250 index following our move to the Main Market of the London Stock Exchange in July 2026 and the introduction of our ‘String of Pearls’ development strategy for the Maarmorilik project.
“As we head towards the end of the year, we still have a number of updates ahead of us, including drilling results and assays from the Nalunaq, Nanoq, Minturn and Ilua exploration programmes. Production in Q4 2026 has continued in line with expectations, giving us confidence in the mid range of full-year production guidance of 25 to 35 koz, and our team continues to focus on leveraging our significant portfolio of opportunities.”
Q3 2026 Financial and Corporate Highlights
- Revenue of $65.4 million (Q3 2025: $12.8 million), and $121.6 million for the nine months to 30 September 2026 (9M 2025: $16.3 million), from total Q3 2026 gold sales of 11,068 oz (Q3 2025: 2,636 oz) at an average gold price of USD 4,184/oz (Q3 2025: USD 3,499/oz).
- Gross profit of $45.6 million (Q3 2025: $5.9 million) and net profit of $24.4 million (Q3 2025: $(5.3) million) and $38 million for the nine months to 30 September 2026.
- Nalunaq YTD AISC of $69.1 million, tracking within full-year guidance.
- Growth investment of $53.6 million YTD across non-sustaining capital and exploration activities.
- Gold inventory of $22.2 million as at Sep 30, 2026 (30 June 2026: $24.4 million).
- Cash balance of $51.5 million at 30 September 2026 (30 June 2026: $28.5 million).
- On 31 July 2026, Amaroq’s common shares were admitted to trading on the Main Market of the London Stock Exchange, with trading on AIM cancelled concurrently.
Q3 2026 Operational Highlights
- Gold production of 12.6 koz (Q3 2025: 3.5 koz), at an average reconciled mill feed grade of 23.6 g/t Au. Gold production for the first nine months of 2026 was 21.6 koz, at an average reconciled mill feed grade of 21.6 g/t Au, ahead of our expected range of 14 to 15 g/t.
- Processing performance increased in line with expectations in Q3 2026, following commissioning of the flotation circuit in June 2026. The plant processed 19,316 tonnes, with total plant recovery of 84%, ramping year to date towards 90% sustained recoveries.
- Underground mining continued to advance within the Mountain Block, with development focussed on extending access across the upper mine and establishing additional ore faces and future stoping areas.
- On 29 July 2026, Amaroq announced MRE5 for Nalunaq, reporting total Mineral Resources of 504 koz of contained gold, at an average grade of 30.35 g/t Au, including 174 koz in the Indicated category. This represents a 10.6% increase in contained gold compared with MRE4, more than replacing depletion up to the estimate’s effective date.
- Exploration programmes were completed at Nanoq, Ilua, and Minturn, with assay results from each of the drilling campaigns awaited in Q4 2026 and Q1 2027.
Post Period Highlights
- On 1 October 2026, Amaroq announced completion of the 2026 resource drilling programme at Nanoq, comprising 4,729 metres across 33 holes. Approximately 88% of holes intersected visible mineralisation. Initial laboratory-scale metallurgical test work indicated total gold recoveries of approximately 97–99% using a flowsheet consistent with the existing Nalunaq processing facility, supporting the potential for future bulk sampling and processing of Nanoq ore through Nalunaq.
- On 6 October 2026, the Company announced its inclusion in the FTSE 250 Index, effective from market open on 8 October 2026.
- On 2 November 2026, Amaroq announced completion of the 2026 resource exploration activities at Maarmorilik and the assay results, as well as the introduction of the ‘String of Pearls’ development strategy for the Maarmorilik area (containing the past producing Black Angel mine). Results continued to confirm high grade lead-zinc-silver mineralisation across a number of the ‘Pearls’, coupled with further indications of significant gallium and germanium mineralisation, from numerous satellite orebodies.
- Terms of reference for the EIA and SIA for the Maarmorilik project were submitted to the Government of Greenland in October 2026, a key step in advancing the project through to development.
2026 Guidance vs 9M 2026 actuals performance table
| Guidance for FY 2026 | 9M 2026 Actuals | |
| 2026 gold production | 25 to 35 koz | 21.6 koz |
| Average feed grade (g/t) | 14 to 15 g/t | 21.6 g/t |
| Gold recovery (%) | 50-70% / 90-95% | 73% |
| Nalunaq cash cost | USD 44 to 47m | USD 30.9m |
| Nalunaq AISC | USD 69 to 73m | USD 49.9m |
| Growth capital | USD 25 to 43m | USD 34.5m |
Outlook
- Production in Q4 2026 has continued in line with expectations, giving confidence in the mid range of full-year production guidance of 25 to 35 koz. Full-year cost guidance also remains unchanged.
- At Nalunaq, developing mining areas to provide consistent plant feed and improve operating flexibility remains a key focus. In processing, the priority is to optimise recoveries following commissioning of the flotation circuit, with a focus on improving plant stability, gold recovery and throughput consistency.
- In preparation for supporting production in 2027, the Company is also undertaking a programme of operational enhancements at Nalunaq. This will include improvements to mine and site infrastructure, completion of the enhanced camp facilities and preparatory work for further site efficiency initiatives, positioning the operation to deliver improved productivity, operational performance and cost efficiencies in 2027.
- Expected news flow for the remainder of the year and into Q1 2027 includes assay results from each of the drilling campaigns at Nanoq, Ilua and Minturn; as well as continued drilling results and assays from the underground drilling at Nalunaq.
Nalunaq Operations Overview
Processing performance increased materially over the period, following commissioning of the flotation circuit in June 2026. During the quarter, the Company processed 19,316 tonnes at an average reconciled mill feed grade of 23.6 g/t Au and achieved total plant recovery of 84%. Gold production for the first nine months of 2026 was approximately 21.6 koz.
Key activities included continued development of permanent office and camp facilities, improvements to coarse ore and tailings storage, flood protection and drainage works, process-plant containment, power infrastructure, winterisation and other site improvements. Engineering and evaluation work is also progressing on potential future plant expansion and additional infrastructure projects, subject to technical evaluation and capital approval.
Exploration Overview
Gold Exploration Projects in Q3 2026
Exploration activity increased over the quarter, with drilling programmes undertaken at Nalunaq and Nanoq, alongside continued surface exploration across the Nanortalik Gold Belt.
At Nalunaq, underground resource drilling continued during the quarter and the Company published MRE5 on 29 July 2026, increasing total Mineral Resources to 504 koz of contained gold at an average grade of 30.35 g/t Au, comprising 174 koz in the Indicated category and 329 koz in the Inferred category.
At Nanoq, the 2026 resource drilling programme was successfully completed during the quarter, with approximately 4,600 metres drilled by the end of September 2026. Geological interpretation and initial resource modelling commenced as drilling progressed, while infrastructure work included completion of the beach landing and laydown areas and commencement of the South Bay access road. Assay results are pending and expected to be announced by Q1 2027.
Strategic Minerals Projects in Q3 2026 (51% ownership through Gardaq Joint Venture)
Scout drilling programmes were completed at the Ilua Pegmatite Zone and at the Minturn Iron ore prospect, with approximately 1.1 km and 0.5 km drilled, respectively. Core sampling, assay work and geological interpretation are underway with initial results expected before year end.
West Greenland Hub
During Q3 2026, work continued to advance the redevelopment of the past-producing Black Angel zinc-lead-silver mine and the broader Maarmorilik area. The Company has introduced a “String of Pearls” development strategy, which seeks to bring together the Black Angel and Nunngarut orebodies with surrounding high-grade deposits within a coordinated mining and infrastructure plan. Project studies are progressing and Terms of Reference have been submitted to the Government of Greenland, marking a key step in advancing the project through the permitting process and towards development.
The 2026 field programme further demonstrated the exploration potential across the broader Maarmorilik district, with high-grade zinc-lead-silver mineralisation, together with germanium and gallium, identified across several surrounding targets. In particular, geological mapping, channel sampling and rock-chip sampling at the Garde and Wedge ‘Pearls’ identified extensive high-grade mineralised zones, with both targets remaining open at surface and prioritised for resource drilling in 2027. High-grade results were also returned from Glacier and Myers ‘Pearls’, further supporting the potential to expand the mineral resource base across the broader district and advance the “String of Pearls” strategy.
Suliaq
Following the incorporation of Suliaq Maritime ApS in June 2026, a wholly owned subsidiary of Suliaq established to own and operate the vessels and maritime assets within its portfolio, the Company continues to advance the refurbishment and redevelopment of the icebreaker Thorbjorn, currently moored in Svendborg, Denmark.
In parallel, progress continues towards Suliaq’s operational launch, including the development of its management and governance structure, ongoing financing initiatives and the expansion of its planned service offering. The equity fundraise for Suliaq continues to be progressed and the Company will provide further updates on this process and the other initiatives, as they come to fruition.
Details of conference call
A conference call for analysts and investors will be held this morning at 0900 GMT, including a management presentation and Q&A session.
To join the meeting, please register at the below link: https://edge.media-server.com/mmc/p/6sxews2i/
Financial Results
| Period ended September 30, 2026 | Nine months | |
| 2026 | 2025 | |
| $ | $ | |
| Financial Results | ||
| Revenue | 121,605,103 | 16,283,686 |
| Cost of Sales | (38,008,129) | (10,502,065) |
| Selling, refining and royalty costs | (3,128,158) | (478,710) |
| Exploration and evaluation expenses | (12,537,652) | (6,267,637) |
| General and administrative expenses | (21,733,281) | (13,654,195) |
| Depreciation and amortisation | (1,270,809) | (72,382) |
| Loss on disposal of capital assets | - | (253,269) |
| Foreign exchange gain (loss) | (3,191,859) | 724,449 |
| Interest income | 404,841 | 474,626 |
| Gardaq project management fees | 2,093,356 | 1,875,843 |
| Gain on lease modification | - | 55,323 |
| Gain (loss) on liability derecognition | 203,113 | (307,263) |
| Impairment of related party receivable | (591,528) | - |
| Share of net losses of joint arrangement | (4,820,619) | (1,755,518) |
| Finance costs | (1,009,855) | (1,482,192) |
| Net income (loss) and comprehensive income (loss) | 38,014,523 | (15,359,304) |
| Basic earnings (loss) per common share | 0.082 | (0.037) |
| Diluted earnings (loss) per common share | 0.080 | (0.037) |
Financial Position
| Financial Position | As at | |
| September 30, 2026 | September 30, 2025 | |
| $ | $ | |
| Financial Position | ||
| Cash | 51,544,559 | 55,314,709 |
| Investment in equity-accounted joint arrangement | 17,310,412 | 13,146,795 |
| Total assets | 469,335,438 | 339,032,279 |
| Total current liabilities | 35,354,187 | 61,593,664 |
| Total non-current liabilities | 114,258,512 | 8,241,937 |
| Shareholders’ equity | 319,722,739 | 269,196,678 |
| Working capital (before loan payable)1 | 71,063,826 | 76,906,563 |
| Working capital (loan payable included) 1 | 71,063,826 | 34,320,242 |
Change of Auditor
The Company also announces a change of auditor from BDO Canada LLP ("BDO Canada" or the "Former Auditor") to BDO LLP ("BDO UK" or the "Successor Auditor").
Following the cancellation of the Company’s Canadian listing earlier in the year and its uplisting to the Main Market of the London Stock Exchange in Q3 2026, and by mutual agreement with the Company, BDO Canada resigned as the Company's auditor on its own initiative, effective 12 November 2026 (the "Date of Resignation"). BDO UK was appointed as the Company's successor auditor effective the same date.
In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company confirms that there were no reservations contained, and no modified opinion was expressed, in the Former Auditor's reports on any of the Company's financial statements for the period commencing at the beginning of the Company's two most recently completed financial years and ending on the Date of Resignation, and that there were no "reportable events", as defined in Section 4.11 of NI 51-102.
The resignation of BDO Canada and the appointment of BDO UK were considered and approved by the Company's Audit and Risk Management Committee and Board of Directors.
The Board would like to express its appreciation to BDO Canada for its services and support over the years.
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com
Camarco (Financial PR)
Elfie Harkell
Rebecca Waterworth
Charlie Ramos
+44 (0) 20 3757 4980
amaroq@camarco.co.uk
Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000
Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463
Panmure Liberum Limited (Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500
Further Information:
About Amaroq
Amaroq’s focus is the identification, acquisition, exploration and development of gold and strategic metals in Greenland. The Company’s principal asset is the 100% owned and operated, producing Nalunaq Gold mine.
Amaroq’s significant exploration portfolio includes opportunities in gold, copper, nickel, and rare earth elements across South Greenland as well as zinc, lead, silver, germanium and gallium at its West Greenland Hub centered on the past-producing zinc-lead-silver mine at Maarmorilik and the nearby Kangerluarsuk exploration licence, and the Minturn Iron Oxide Copper Gold prospect in northwest Greenland. The Company’s strategy is to unlock the resource potential in Greenland through the continued exploration and development of its wider portfolio, while building a responsible, full-cycle mining company, including through its Suliaq subsidiary, which provides mining services and logistics capabilities for Greenland’s developing mining sector, and Imeq ApS, Greenland's first private hydroelectric project.
The Company is listed on the LSE and Nasdaq Iceland under the ticker AMRQ, and on OTCQX under AMRQF.
Glossary
| Au | gold |
| g | grams |
| g/t | grams per tonne |
| km | kilometres |
| koz | thousand ounces |
| m | meters |
| MRE3 | Mineral Resource Estimate 2022 |
| MRE4 | Mineral Resource Estimate 2024 |
| MRE5 | Mineral Resource Estimate 2026 |
| oz | ounces |
| t | tonnes |
| t/d | Tonnes per day |
| t/m3 | tonne per cubic meter |
| USD/ozAu | US Dollar per ounce of gold |
Inside Information
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").
1 Working Capital as per the Consolidated Statement of Financial Position as at September 30, 2026 is $71,063,826 ($34,320,242 as at September 30, 2025) and includes loan payable of $nil ($42,586,321 as at September 30, 2025). As at September 30, 2025, the loan payable was classified as current because it was maturing within 12 months of the reporting date.
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